Credit Scores

A credit score is a numerical summary of your financial trustworthiness, based on your borrowing and repayment history. It helps lenders determine the risk of lending you money or extending credit. Factors influencing your score include bill-paying habits, total debt, length of credit history, types of credit used, and recent credit activity. Scores typically range from 300 to 850; the higher the score, the more likely you are to secure favorable loan terms. Maintaining a good credit score can make borrowing easier and often results in lower interest rates, saving you money over time.